# Table 7: CBI Interactions with Demographics

| Variable | 10y rate (OECD*) | inflation (Full) | inflation (OECD) |
|---|---|---|---|
| Z_1 | 46.245** (21.263) | 6.422 (16.035) | 13.184 (17.161) |
| Z_2 | -4.788* (2.825) | -0.088 (2.152) | -1.108 (2.293) |
| Z_3 | 0.136 (0.106) | -0.014 (0.081) | 0.025 (0.086) |
| cbi_index | 0.359 (0.441) | 1.142 (0.789) | 0.941 (0.830) |
| Z_1_x_cbi | 11.534 (30.599) | -41.852 (35.706) | -65.262* (36.738) |
| Z_2_x_cbi | -1.566 (4.057) | 6.076 (4.733) | 9.093* (4.878) |
| Z_3_x_cbi | 0.057 (0.151) | -0.236 (0.176) | -0.344* (0.182) |
| rgdp_growth | -0.002 (0.016) | -0.114*** (0.024) | -0.131*** (0.025) |
| inflation | -0.698*** (0.032) |  |  |
| fiscal_bal_gdp | 0.002 (0.021) | 0.045* (0.026) | 0.052* (0.027) |
| kaopen | -1.015*** (0.197) | -1.582*** (0.154) | -1.944*** (0.167) |
| nfa_gdp_lag | -0.274 (0.350) | 0.040 (0.307) | -0.133 (0.338) |
| output_gap |  | 0.237*** (0.036) | 0.234*** (0.038) |
|---|---|---|---|
| R² | -0.137 | 0.401 | 0.465 |
| N obs | 712 | 800 | 754 |
| N countries | 22 | 24 | 22 |